State-Wide Neighborhood Revitalization

State-Wide Neighborhood Revitalization

What problem does it solve? There are many counties within the State of NJ that are ravaged with abandoned and dilapidated buildings; residential, professional, and even industrial properties are left in this condition. Disregarding these properties further advances homelessness and displacement; it even stifles the flow of economy within NJ. The revitalization of thousands of abandoned homes, office spaces, and industrial complexes across NJ can advance both business and the current socio-economic dynamic within the state What is your solution and who does it apply to? This applies to The Housing and Redevelopment entities and organizations throughout the state. Programs, funding, even tax credits established for Neighborhood revitalization. Yet, these properties remain dormant. Building management and construction teams will need to be equally developed and sourced. My solution is to demolish, remodel, revitalize and further develop these properties for use and ultimately profitability. Industrial and/or residential complexes forgotten, and crumbling could be turned in homeless shelters; homes can be revitalized for residential living; professional buildings can be renovated to attract new business partnerships (which will only strengthen the economy). The properties within NJ should encompass our greatness, beauty, and foundation. The buildings can be renovated to do that, as well as create a new stream of economy; the cohesion of development and innovation, should be a combination of the state, local, and collective individual support and effort What is the anticipated impact? At first, the implementation will cost, and the reconstruction of many properties will take some time. However, in the long run; revitalizing and opening new properties for use; creating an availability of these spaces will only attract tenants, companies/businesses, and other organizations needing property to operate within. The influx of available and renovated properties will create a stream of profitability. It can promote residential tenancy in certain areas, which can boost the local economy; businesses that elicit these renovated properties will bring in differing and increased numbers of customers and clients to these areas. Most areas affected by this housing/development trend remain urbanized and can benefit greatly by a facelift to community and from the economy that can be further produced through revitalization. Many that are searching for properties (residential, professional, industrial) are averted by the overall aesthetic of the neighborhoods and surrounding buildings

Points

Homes that are "economically impractical to repair" (EITR) should receive special status to encourage re-investment. Motor vehicles with this designation are "salvaged or junked" for this type of reinvestment...but homes don't have a similar mechanism. Homes designated as EITR would be attactive to builders if there was property tax forgiveness for each year under construction. Growth comes from eliminating holding costs and therefore risk.

How about taking those existing spaces and turning them into LEED-certified locations for business (might be a nice way to update some of the State buildings...) or residences and thus reduce the impact/need of carting away the remains of a building and having to deal with the landfill impact to some degree. http://blueberrypdx.com/leed-certification.htm might be a nice introduction to LEED for those who are not familiar.

"At first, the implementation will cost,..." in time the State will recognize a return on the investment when these now occupied spaces generate different types of tax revenues, which will also help the local municipalities (property taxes at least).

Can also tear down the dilapidated buildings and turn them into green spaces, less expensive than putting up another building. Philadelphia has done that in a few neighborhoods.Studies have shown that green spaces help to lower stress.

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